How Centre-RBI spat led to Urjit Patel's sudden resignation

The following is a timeline of the events in the government- RBI spat, leading to Patel's sudden resignation.

Aug 8, 2018: Government appoints die-hard Sangh ideologue S Gurumurthy and cooperative banker and Swadeshi supporter Satish Marathe to the RBI's central board as independent directors.

Mid-Sep: Government cuts short the term of RBI central board member and noted banker Nachiket Mor, who is also associated with the Bill & Melinda Gates Foundation.

Oct 10: Government invokes the never-before-used Section 7 of the RBI Act to force down decisions it wants RBI to take through three letters with over a dozen demands. RBI replies to these letters a week later.

Oct 23: RBI holds a marathon board meeting that lasts for around eight hours but remains inconclusive on most issues that government brought in.

Oct 26: Deputy governor Viral Acharya goes public to assert RBI's autonomy, warns of the wrath of the markets if it is not maintained through a speech.

Oct 29: Another deputy governor NS Vishwanathan delivers a speech in Jamshedpur, making clear RBI's reluctance to bring down capital levels for banks.

Oct 31: Government reiterates the need for RBI autonomy as "essential" but calls for better governance at RBI.

Nov 3: Economic affairs secretary SC Garg cites improvements in market indices, the rupee and crude to make light of Acharya's "wrath of markets" remarks.

Nov 9: Garg says discussions are on to fix an 'appropriate economic capital framework for RBI' and say its government does not want the RBI money.

Nov 15: RSS ideologue and central board member S Gurumurthy say a standoff between RBI and government, not a "happy thing".

Nov 17: Ahead of RBI board meeting, finance minister Arun Jaitley says growth should not be throttled by squeezing liquidity to the needy sectors.

Nov 19: A 10-hour RBI central board meeting decides to set up a panel on the economic capital framework for RBI and directs it give forbearances to small businesses.

Dec 5: Governor Urjit Patel refuses to answer queries on frictions between RBI and government, amid reports of a truce between the two.

Dec 10: Patel resigns, citing personal reasons.